Bitcoin is likely to reach $100,000 at the end of 2024

Bitcoin is anticipated to get advantage from several factors similar as recent fermentation in the banking sector,

a stabilisation of threat means as theU.S. Federal Reserve ends its rate- hiking cycle and bettered profitability of crypto mining. Standard Chartered on Monday said that Bitcoin is likely to reach$ 100,000 by the end of 2024, adding that the so- called “ crypto downtime ” is over.

Bitcoin is anticipated to get advantage from several factors similar as recent fermentation in the banking sector, a stabilisation of threat means as the U.S.

The Federal Reserve is ending the cycle of rate hikes and improving the profitability of cryptocurrency mining, said Geoff Kendrick, head of digital fund exploration at Standard Chartered.

             Over the weekend, Bitcoin continued to trade below the $28,000 position as it started a correction phase leading to a decline in investor confidence. The cryptocurrency tried to show some recovery after the weekend cuts as the largest crypto asset rose slightly but remained below the $28,000 mark.

              For the first time in ten months, Bitcoin rallied above $30,000 in April, which indicates a partial recovery after billions of dollars were wiped out of the crypto sector in 2022, when interest rates on Central banks surged and crypto companies went bust.

Predictions of exorbitant valuations have become commonplace during previous bitcoin rallies. A Citi analyst said in November 2020 that bitcoin could soar as high as $318,000 by the end of 2022. It closed last year with a roughly 65% ​​drop at $16,500.